More from Simone Del Rosario
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Powell announces Fed will taper down pandemic-era aid
Federal Reserve chair Jerome Powell announced Wednesday afternoon the Fed will begin to taper down its pandemic-era aid as soon as later this month. The move has been expected, with Powell hinting at the November timeline back in September. “I think if the economy continues to progress broadly in line with expectations,” Powell said after… -
Yahoo pulls out of China due to ‘challenging’ business, legal environment
Yahoo announced Tuesday it will become the latest American tech company to pull out of China in recent weeks. Last month, LinkedIn said it would shut down its Chinese site, replacing it with a jobs board instead. “While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not found that same… -
Amazon could make $0 profit on $140 billion in sales for holiday season
Amazon told investors Thursday night the company is in danger of not making a profit in the final quarter of the year (Q4). The company could make $140 billion in Q4 sales and still not see a dime of profit. The announcement came hours after Amazon reported its third quarter financial results. The company made $110.8… -
COVID-19 pill maker Merck beats Q3 expectations, allows pill to be cheaply made
Merck, the maker of a pill designed to treat COVID-19, announced its third-quarter financial results Thursday. According to the company, sales in Q3 were 20% higher than they were in Q3 of 2020. Net income jumped 55% to $4.57 billion. “Merck delivered another strong quarter with positive momentum across our business and meaningful progress across… -
Robinhood revenues drop without meme stock trades, Shiba Inu coin surges
The value of investment trading company Robinhood Markets plummeted Wednesday, caused in part by third quarter earnings that showed a slowdown in crypto trading revenues. On Tuesday, Robinhood said its revenue growth slowed to 35% in the Q3, down from 131% in the spring and 309% at the start of the year. Robinhood’s loss for the… -
Hertz to buy 100K Tesla EVs, sending car company’s value over $1T
Rental car company Hertz announced Monday it will buy 100,000 electric vehicles from Tesla by the end of 2022. The company also said it will make “a significant investment” in “new EV charging infrastructure across the company’s global operations”. Hertz’ interim CEO said that Teslas are already arriving at the company’s sites and should be available… -
Facebook expecting “more bad headlines” ahead of busy week
An earnings report and whistleblower testimony Monday kicks off what is expected to be a busy week for Facebook. According to Axios, Facebook’s vice president of global affairs warned staffers over the weekend about the increasingly bumpy road ahead. “We need to steel ourselves for more bad headlines in the coming days, I’m afraid,” Nick Clegg… -
How Trump’s media company could get $300M practically overnight
Shares of Digital World Acquisition Corporation (DWAC) continued to soar Friday, just days after it announced it would merge with Former President Donald Trump’s new media company. That company is known as Trump Media & Technology Group (TMTG). DWAC nearly tripled in the first minute of trading Friday before trading was temporarily halted. It then… -
Is Southwest Airlines nosediving from best to worst?
After canceling more than 2,000 flights and stranding thousands of passengers in mid-October, Southwest Airlines took on the reputation of being “Southworst”. It’s not the first time the airline’s passengers have been subjected to widespread cancellations this year. In June, Southwest canceled nearly 2,700 flights, averaging about 90 cancellations per day. In fairness, all airlines… -
No bear, all bull: Despite a down day for Dow, Wall Street has been on a tear
The Dow Jones Industrial Average briefly hit a record high Wednesday, finishing the day up 152.03 points, or .4 percent. It has since fallen 96 points, or .3 percent, to 35,514 as of 10:19 a.m. EST Thursday. That is just below the previous record set Aug. 16. The S&P 500 index was also poised to… -
Analyst: Elon Musk could become world’s first trillionaire
According to a Morgan Stanley analyst, Tesla CEO Elon Musk is on his way to becoming the world’s first trillionaire. But if that happens, it won’t be because of Tesla. Morgan Stanley analyst Adam Jonas said Musk’s passion project SpaceX would be what gets him there. Jonas said SpaceX is “challenging any preconceived notion of what… -
UPDATE: Bitcoin jumps to record high in values after ETF hits NYSE
Update (10/20/21): Bitcoin hit a record high at just over $66,000 Wednesday morning, a day after a Bitcoin exchange-traded fund, or ETF, hit the New York Stock Exchange. According to Coindesk, the previous record high was just under $65,000. ProShares’ “BITO” attracted huge interest from investors looking to get into the surging field of cryptocurrencies, without… -
China’s economy slows, showing early signs of predicted global slowdown
According to numbers from China’s National Bureau of Statistics published Monday, the country’s economy grew at its slowest pace in a year in the third quarter. China’s GDP increased by 4.9 percent in the third quarter compared to the third quarter of 2020 when growth was almost 8 percent. In addition to missing analyst expectations,…